Form 4: Silver Lake Entities and Director Egon Durban Execute Significant Dell Technologies Stock Sales Under Pre-Planned Trading Program

Key investment firm Silver Lake and its affiliated entities, along with director Egon Durban, reported the sale of substantial amounts of Dell Technologies Class C Common Stock on June 9 and 10, 2025, as part of pre-arranged trading plans.

Summary

• SL SPV-2, L.P., Silver Lake Partners IV, L.P., Silver Lake Partners V DE (AIV), L.P., and certain affiliates, including Silver Lake Technology Investors IV, L.P. and Silver Lake Technology Investors V, L.P., sold shares of Dell Technologies Inc. Class C Common Stock on June 9 and June 10, 2025.
• These sales followed the conversion of Class B Common Stock into an equal number of Class C Common Stock shares by the reporting persons.
• A total of 220,834 shares were sold at a weighted average price of $114.74 per share, with prices ranging from $114.22 to $115.219.
• An additional 197,434 shares were sold at a weighted average price of $115.32 per share, with prices ranging from $115.22 to $116.20.
• A final tranche of 107 shares was sold at a weighted average price of $116.28 per share, with prices ranging from $116.26 to $116.28.
• The transactions were made pursuant to a Rule 10b5-1(c) contract, instruction, or written plan for the purchase or sale of equity securities.
• Following these transactions, SL SPV-2, L.P. beneficially owns 70,108 shares, Silver Lake Partners IV, L.P. owns 79,302 shares, Silver Lake Partners V DE (AIV), L.P. owns 41,002 shares, Silver Lake Technology Investors IV, L.P. owns 1,507 shares, and Silver Lake Technology Investors V, L.P. owns 679 shares indirectly.
• Egon Durban directly holds 877,339 shares of Class C Common Stock and indirectly holds 37,313 shares through a trust and 2,326 shares through other entities.
• Silver Lake Group, L.L.C. holds 2,800 shares indirectly, and other affiliates hold 46,266 shares on behalf of certain employees and managing members, including Mr. Durban.

Sentiment

Score: 5

Explanation: The sentiment is neutral. While significant insider sales could be perceived negatively, the explicit mention of a Rule 10b5-1 plan mitigates concerns about opportunistic selling, suggesting these are pre-planned, routine transactions rather than a sudden loss of confidence.

Positives

• The sales were conducted under a Rule 10b5-1(c) plan, indicating that the transactions were pre-scheduled and not based on immediate, non-public information, which enhances transparency and reduces concerns about opportunistic insider trading.

Negatives

• Significant sales by a major shareholder and director, even if pre-planned, can sometimes be perceived by the market as a reduction in insider confidence or a move towards diversification, potentially exerting downward pressure on the stock price.

Future Outlook

The document does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

This filing details specific insider transactions by a major investment firm and a director of Dell Technologies. It does not provide broader industry context or trends, focusing solely on changes in beneficial ownership.

Related Party Transactions

• The reported transactions involve sales of Dell Technologies stock by Silver Lake entities and Egon Durban, who serve as directors and/or 10% owners of the issuer, qualifying them as related party transactions.

Stakeholder Impact

• Shareholders: May view the sales as a routine part of a pre-planned trading strategy (10b5-1 plan) or, conversely, as a signal of reduced insider ownership and alignment, potentially influencing market sentiment.
• Employees: No direct impact mentioned, but general market perception of insider activity can indirectly affect morale or confidence.
• Customers/Suppliers/Creditors: No direct impact.

Key Dates

Recommendation

Keywords

Dell Technologies, DELL, SEC Form 4, Insider Trading, Stock Sale, Silver Lake, Egon Durban, Beneficial Ownership, 10b5-1 Plan, Class C Common Stock